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Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - 2009
While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...
Persistent link: https://www.econbiz.de/10010305700
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How Important Are Risk-Taking Incentives in Executive Compensation?
Dittmann, Ingolf; Yu, Ko-Chia - 2009
This paper investigates whether observed executive compensation contracts are designed to provide risk-taking incentives in addition to effort incentives. We develop a stylized principal-agent model that captures the interdependence between firm risk and managerial incentives. We calibrate the...
Persistent link: https://www.econbiz.de/10010326054
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Risk Taking of Executives under Different Incentive Contracts: Experimental Evidence
Lefebvre, Mathieu; Vieider, Ferdinand M. - 2011
Classic financial agency theory recommends compensation through stock options rather than shares to induce risk … excessive risks—a result that cannot be accounted for by classic incentive theory. We develop a basic model in which such risk …-taking behavior is explained based on a richer array of risk attitudes derived from Prospect Theory. We use the model to derive …
Persistent link: https://www.econbiz.de/10010427611
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Share Buybacks and Employee Stock Options
Hohaus, Bolko - In: CESifo Forum 16 (2015) 4, pp. 79-81
Persistent link: https://www.econbiz.de/10011696200
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How to Avoid Compensating CEO for Luck: The Case of Microeconomic Fluctuations
Oxelheim, Lars; Wihlborg, Clas; Zhang, Jianhua - 2010
Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences on remuneration. These influences can be seen as reflecting luck from the CEO's perspective. In this chapter we present a model for how to avoid compensating CEO for...
Persistent link: https://www.econbiz.de/10010320333
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Determinants and Consequences of Executive Compensation
Fabrizi, Michele - 2021
Incentive compensation is a central concern in the relationship between the Chief Executive Officer (CEO) and the board of directors and between the CEO and shareholders. This book presents a focus on four key themes that are salient to the current debate on the consequences and determinants of...
Persistent link: https://www.econbiz.de/10014322667
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Pay me Right: Reference Values and Executive Compensation
Gregorič, Aleksandra; Polanec, Sašo; Slapničar, Sergeja - 2008
This paper studies the impact of external reference values on managerial compensation contracts. We consider the effect of adoption of non-binding pay nfirms on actal remuneration behavior using a unique country example. We find that introduction of pay nfirms changed the reference values for...
Persistent link: https://www.econbiz.de/10010313305
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What explains the rise in CEO pay in Germany? A panel data analysis for 1977-2009
Fabbri, Francesca; Marin, Dalia - 2012
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest firms...
Persistent link: https://www.econbiz.de/10010281035
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What explains the rise in CEO pay in Germany? A panel data analysis for 1977 - 2009
Fabbri, Francesca; Marin, Dalia - 2012
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest firms...
Persistent link: https://www.econbiz.de/10010282632
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Executive compensation regulation and the dynamics of the pay-performance sensitivity
Sabiwalsky, Ralf - 2010
A substantial number of empirical studies on the linear relationship between executive compensation and firm performance for European firms suggest that the pay-performance sensitivity is not significantly positive. We argue that a nonlinear structure fits the data better, because compensation...
Persistent link: https://www.econbiz.de/10010281498